Daily Archives: February 20, 2018

Income Tax on capital gains in case of joint development agreement

By | February 20, 2018

CIRCULAR No. 2/2018 Dated 15.02.2018 25. Special provisions for computation of capital gains in case of joint development agreement. 25.1 Under the provisions of section 45 of the Income-tax Act, capital gain is chargeable to tax in the year in which transfer takes place except in certain cases. The definition of ‘transfer’ includes inter alia any… Read More »

Section 44AD : Income Tax Rates if sales in Digital mode w.e.f AY 2017-18

By | February 20, 2018

CIRCULAR No. 2/2018 Dated 15.02.2018 24. Measures for promoting digital payments in case of small unorganized businesses. 24.1 The provisions of section 44AD of the Income-tax Act provide inter alia for a presumptive income scheme in case of eligible assesses carrying out eligible businesses. Before amendment by the Act, under this scheme, in case of an… Read More »

Presumptive taxation u/s 44AD Income Tax: Audit Limit w.e.f AY 2017-18

By | February 20, 2018

CIRCULAR No. 2/2018 Dated 15.02.2018 23. Exclusion of certain specified person from requirement of audit of accounts under section 44AB. 23.1 The provisions of section 44AB of the Income-tax Act provide inter alia that every person carrying on the business is required to get his accounts audited if the total sales, turnover or gross receipts in… Read More »

Limit for maintenance of books of accounts by Individual & HUF w.e.f AY 2018-19

By | February 20, 2018

CIRCULAR No. 2/2018 Dated 15.02.2018 22. Increasing the threshold limit for maintenance of books of accounts in case of Individuals and Hindu undivided family. 22.1 Before amendment by the Act, the provisions of clause (i) and clause (ii) of sub-section (2) of section 44AA of the Income-tax Act casted an obligation on every person carrying on… Read More »

Capital expenditure incurred in cash : Depreciation Disallowed w.e.f AY 2018-19

By | February 20, 2018

CIRCULAR No. 2/2018 Dated 15.02.2018 20. Disallowance of depreciation under section 32 and capital expenditure under section 35AD on cash payment. 20.1 Sub-section (3) of section 40A of the Income-tax Act provides that revenue expenditure incurred in cash exceeding certain monetary threshold is not allowable except in such circumstances as specified under Rule 6DD of the… Read More »

No notional income for house property held as stock-in-trade w.e.f AY 2018-19

By | February 20, 2018

CIRCULAR No. 2/2018 Dated 15.02.2018 17. No notional income for house property held as stock-in-trade. 17.1 Section 23 of the Income-tax Act provides for the manner of determination of annual value of house property. 17.2 Considering the business exigencies in case of real estate developers, the said section has been amended to provide that where the house… Read More »

Changes in electoral funding w.e.f AY 2018-19

By | February 20, 2018

CIRCULAR No. 2/2018 Dated 15.02.2018 16. Transparency in electoral funding. 16.1 The provisions of section 13A of the Income-tax Act provide inter alia that political parties that are registered with the Election Commission of India are exempt from paying income-tax. To avail the exemption, the political parties are required to submit a report to the Election… Read More »

Income Tax exemption if corpus donation by exempt entities to other exempt entities.

By | February 20, 2018

CIRCULAR No. 2/2018 Dated 15.02.2018 14. Restriction on exemption in case of corpus donation by exempt entities to other exempt entities. 14.1 Donations made by a trust to any other trust or institution registered under section 12AA or to any fund or institution or trust or any university or other educational institution or any hospital or… Read More »

Fair Market Value to be full value of consideration in certain cases.

By | February 20, 2018

CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 30. Fair Market Value to be full value of consideration in certain cases. 30.1 Under the provisions of the Income-tax Act, income chargeable under the head “Capital gains” is computed by taking into account the amount of full value of consideration received or accrued on transfer of a capital asset. In… Read More »

Exemption of income of Chief Minister’s Relief Fund or Lieutenant Governor’s Relief Fund.

By | February 20, 2018

CIRCULAR No. 2/2018 Dated 15.02.2018 Exemption of income of Chief Minister’s Relief Fund or the Lieutenant Governor’s Relief Fund. 9.1 Section 10(23C) of the Income-tax Act provide exemption in respect of income of certain funds which include inter alia the Prime Minister’s National Relief Fund. 9.2 The Chief Minister’s Relief Fund or the Lieutenant Governor’s Relief Fund,… Read More »

[Video] GST News [ Part 168 ] : GST Rates FAQs : by CA Satbir Singh ! TaxHeal.com

By | February 20, 2018

GST News [ Part 168 ] : GST Rates FAQs : by CA Satbir Singh ! TaxHeal.com Related Topic on GST  Topic Click Link GST Acts Central GST Act and States GST Acts GST Rules GST Rules  GST Forms GST Forms GST Rates GST Rates GST Notifications GST Act Notifications GST Circulars GST Circulars  GST… Read More »